Started off well this morning with +40 pips took a lunch break and then kept getting stopped out almost wiping the winnings out. Ended up + 8 pips for the day. (Thanks for those anyway).
There were 6 or 7 same colour candles in a row on the GBP/USD M15 chart and I was buying with the alerts at the alert prices but was getting stopped out, also on another pair and the 20 points took away my small wins.
I am only using £1 a point and sometimes take half when there is 5 point profit and move the stop up to BE when I can.
I was considering having a much wider stop so that I could add another £1 in the next 15 M candle, not sure if that would have been better than being stopped out again and again.
I really could do with a few pointers if anyone has the patience.
This thread is huge so I typed out important notes and printed them out and having a look at them just now I see I have been ignoring the first rule.
"Only trade if there is a 1, 2, 3 semafor on the current or previous H1 candle. No exceptions". Because I was getting buy/sell alerts while viewing M15 charts I was acting on them without checking to see if there was a semafor on the H1 candle. (still worked well this morning).
So should I be ignoring the buy/sell alerts that pop up if there is no semafor on the H1 chart?
On EUR/USD ignoring the 1am and 3am when I was in the land of nod there were only 2 H1 candle semafors, one at 8am and the other at 5pm.
GBP/USD was a bit better with four, 10am, 11am 3pm and 4pm.
Should I stick rigidly to only considering a trade if there is a semafor on the current or previous H1 candle?
If the above criteria is met then I assume I still need to wait for the candle to cross the light blue (long) or pink (short) dotted line on the M15 chart before entering a trade, is that right?
There were 6 or 7 same colour candles in a row on the GBP/USD M15 chart and I was buying with the alerts at the alert prices but was getting stopped out, also on another pair and the 20 points took away my small wins.
I am only using £1 a point and sometimes take half when there is 5 point profit and move the stop up to BE when I can.
I was considering having a much wider stop so that I could add another £1 in the next 15 M candle, not sure if that would have been better than being stopped out again and again.
I really could do with a few pointers if anyone has the patience.
This thread is huge so I typed out important notes and printed them out and having a look at them just now I see I have been ignoring the first rule.
"Only trade if there is a 1, 2, 3 semafor on the current or previous H1 candle. No exceptions". Because I was getting buy/sell alerts while viewing M15 charts I was acting on them without checking to see if there was a semafor on the H1 candle. (still worked well this morning).
So should I be ignoring the buy/sell alerts that pop up if there is no semafor on the H1 chart?
On EUR/USD ignoring the 1am and 3am when I was in the land of nod there were only 2 H1 candle semafors, one at 8am and the other at 5pm.
GBP/USD was a bit better with four, 10am, 11am 3pm and 4pm.
Should I stick rigidly to only considering a trade if there is a semafor on the current or previous H1 candle?
If the above criteria is met then I assume I still need to wait for the candle to cross the light blue (long) or pink (short) dotted line on the M15 chart before entering a trade, is that right?